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Regional population-employment dynamics across different sectors of the economy
Graaff, Thomas de; Oort, Frank van; Florax, Raymond J. G. M. - 2011
Persistent link: https://www.econbiz.de/10009720751
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Safe asset scarcity and re-use in the European repo market
Inhoffen, Justus; Lelyveld, Iman van - 2024
We construct the first measure of collateral re-use at the bank and bond level for the European repo market using a … than liquidity and profit from the repo rate spread. Yet, dealers also re-use collateral to source liquidity which exposes … them to collateral runs. Our results contribute to the policy debate on trade-offs between shock absorption and financial …
Persistent link: https://www.econbiz.de/10014496481
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The political economy of financial systems
Haber, Stephen H.; Perotti, Enrico C. - 2008
This survey reviews the literature on the political economy of financial structure, broadly defined to include the size of capital markets and banking systems as well as the distribution of access to external finance across firms.The theoretical literature on the institutional basis for...
Persistent link: https://www.econbiz.de/10011374399
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Lobbying on entry
Perotti, Enrico C.; Volpin, Paolo - 2004
We develop a model of endogenous lobby formation in which wealth inequalityand political accountability undermine entry and financial development. In-cumbents seek a low level of effective investor protection to prevent potentialentrants from raising capital. They succeed because they can...
Persistent link: https://www.econbiz.de/10011338011
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The political economy of financial fragility
Feijen, Erik; Perotti, Enrico C. - 2005
lobby for weak enforcement, and retain control of collateral. We provide evidence that industry exit rates and profit …
Persistent link: https://www.econbiz.de/10011348359
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On risk, leverage and banks : do highly leveraged banks take on excessive risk?
Koudstaal, Martin; Wijnbergen, Sweder van - 2012
Persistent link: https://www.econbiz.de/10009722695
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Coco design, risk shifting and financial fragility
Chan, Stephanie; Wijnbergen, Sweder van - 2016 - This version: January 28, 2016
We highlight the ex ante risk-shifting incentives faced by a bank's shareholders/managers when CoCos (contingent convertible capital) are part of the capital structure. The risk shifting incentive arises from the wealth transfers that the shareholders will receive upon the CoCo's conversion...
Persistent link: https://www.econbiz.de/10011441586
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Cocos, contagion and systemic risk
Chan, Stephanie; Wijnbergen, Sweder van - 2014
CoCo's (contingent convertible capital) are designed to convert from debt to equity when banks need it most. Using a Diamond-Dybvig model cast in a global games framework, we show that while the CoCo conversion of the issuing bank may bring the bank back into compliance with capital...
Persistent link: https://www.econbiz.de/10010395088
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Risk-taking, competition and uncertaint : do contingent convertible (CoCo) bonds increase the risk appetite of banks?
Fatouh, Mahmoud; Neamtu, Ioana; Wijnbergen, Sweder van - 2022
We assess the impact of contingent convertible (CoCo) bonds and the wealth transfers they imply conditional on conversion on the risk-taking behaviour of the issuing bank. We also test for regulatory arbitrage: do banks try to maintain risk-taking incentives by issuing CoCo bonds, when...
Persistent link: https://www.econbiz.de/10012887890
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Aggregating credit and market risk : the impact of model specification
Lucas, André; Verhoef, Bastiaan - 2012
Persistent link: https://www.econbiz.de/10010191011